The European Union’s (EU’s) push for common standards on bank structure faltered as European Parliament lawmakers rejected a version of the draft law put forward by lead legislator Gunnar Hoekmark.

The assembly’s Economic and Monetary Affairs Committee shot down Hoekmark’s proposal in a May 26 vote. Hoekmark, a Swedish member of the center-right European People’s Party, the parliament’s largest group, put the result down to an alliance of left-leaning lawmakers and “extremes” on the committee.

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